February 23, 2024
Biostimulants Market

The Global Biostimulants Market Is Estimated To Driven By Increasing Focus On Sustainable Farming

Biostimulants help increase crop productivity and quality in a safe and eco-friendly manner. They contain biological or biochemical substances that enhance plant vigor and stress resistance when applied in small concentrations. The products are formulated using natural extracts from microorganisms, plant and animal residues, humic compounds, and seaweeds. They improve soil fertility, nutrient uptake, yield, and quality for various fruits & vegetables, cereals & grains, oilseeds & pulses, and ornamental crops. The Global biostimulants market is gaining traction due to rising focus on sustainable agriculture worldwide amid climate change concerns.

The global biostimulants market is estimated to be valued at US$ 3729.34 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the biostimulants market are Bayer CropScience AG, Groupe Limagrain, Syngenta AG, BASF SE (Nunhems BV), Rijk Zwaan Zaadteelt En Zaadhandel BV, Sakata Seed Corporation, UPL Limited (Advanta Seeds International), Takii & Co. Limited, East-West Seed International Ltd, Enza Zaden BV, Bejo Zaden BV, and Namdhari Seeds. Growing population and rising incomes in developing countries have increased the demand for food globally. Biostimulants help farmers boost agricultural productivity on existing farmlands to meet this growing demand sustainably without expanding acreage. Many countries in North America, Europe, Asia Pacific, and South America are focusing on expanding their biostimulant production capacities to cater to the rising global demand.

The growing awareness regarding the role of biostimulants in supplementing essential plant nutrients is a key factor driving the growth of the global market. Biostimulants enhance nutrient absorption efficacy and improve crop resistance to drought and diseases. They are very effective especially for crops grown organically or in regions with poor soil quality. Stringent regulatory frameworks and certification processes are encouraging agricultural producers to adopt biostimulants. Additionally, the growing organic food trend and rising preference towards residue-free crops are boosting biostimulant demand.

Market Key Trends

One of the key trends gaining traction in the Biostimulants Market Growth is the growing popularity of seaweed extracts. Seaweed extracts contain diverse bioactive compounds that stimulate plant metabolic activities and photosynthesis. They improve crop quality and shelf life by enhancing antioxidant activity. Seaweed extracts are easy to use and effective in minute concentrations. Leading manufacturers are extensively researching and developing novel seaweed extracts for various horticulture and agriculture applications. The availability of tailored seaweed extract formulations suitable for different crops and regions is expected to drive their adoption rates in the coming years.

Porter’s Analysis

Threat of new entrants: New companies find it difficult to establish themselves in the biostimulants market due to factors such as patent regulations, availability of raw materials and high R&D costs.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes in the market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources.

Threat of new substitutes: Threat of substitution is low as biostimulants provide unique benefits over traditional fertilizers.

Competitive rivalry: The market is competitive with the presence of large number of players globally.

Geographical concentration of market value: North America dominates the global biostimulants market, accounting for around 35% of the total market share in 2024. Increased awareness regarding sustainability and organic agricultural practices drives the market in the region.

Fastest growing region: Asia Pacific region is expected to be the fastest growing market during the forecast period. Increasing population and demand for food crops, coupled with initiatives by governments to promote sustainable agriculture practices, provide growth opportunities in countries like India and China.

Geographical Regions:

The biostimulants market in terms of value is concentrated majorly in North America, Europe and Asia Pacific regions. North America dominates the global biostimulants market, accounting for around 35% of the total market share in 2024. Increased awareness regarding sustainability and organic agricultural practices drives the market adoption in the region. Europe is another prominent regional market for biostimulants owing to strict regulations around the usage of chemical fertilizers and pesticides. Asia Pacific region is expected to be the fastest growing market during the forecast period 2024-2030. Increasing population and demand for food crops, coupled with initiatives by governments to promote sustainable agriculture practices, provide growth opportunities in countries like India and China in the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it